Avalanche ($avax) flips $shib, analyst says ‘$avax is pulling a $sol’, $avax now up 4042% ytd

Below is a brief description of Avalanche from its developer documentation:

“Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.

“A key difference between Avalanche and other decentralized networks is the consensus protocol. Over time, people have come to a false understanding that blockchains have to be slow and not scalable. The Avalanche protocol employs a novel approach to consensus to achieve its strong safety guarantees, quick finality, and high-throughput without compromising decentralization.

“AVAX is the native token of Avalanche. It’s a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche. 1 nAVAX is equal to 0.000000001 AVAX.“

Avalanche is being developed by Ava Labs, a blockchain startup founded in Brooklyn, New York in 2018 by Professor Emin Gun Sirer (CEO), who does computer science research at Cornell University, Kevin Sekniqi (COO), and Ted Yin (Chief Protocol Architect).

$AVAX’s Price Action

According to data by TradingView, on crypto exchange Binance, at 14:13 p.m. UTC on November 21, the $AVAX price got as high as $146.3250, which allowed it to flip Dogecoin ($DOGE) to take 10th place and set a new all-time high.

This led crypto quant Benjamin Cowen to tweet:

However, since then, probably due to shorting and profit-taking, the $AVAX price has given back some of today’s earlier gains. Currently (i.e. as of 05:45 p.m. UTC), $AVAX is trading around $132.14, up 7.65% in the past 24-hour period.

Cowen has made a YouTube video discussing $AVAX’s parabolic rally:

$AVAX started the year at $3.19. This means its return-on-investment (vs USD) for the year-to-date (YTD) period is an incredible 4042%.

One of the many people currently feeling regretful about not investing in $AVAX when it was much cheaper is crypto influencer Layah Heilpern:

Featured Image by “_anaposa_” via Pixabay